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SCMP Editorial

Even before the full details of the shopping voucher scheme were formally announced on Friday, the hype over the past few months has already inspired eager minds to make the most of it.
Coming after 17 months of economic hardship fuelled by a devastating pandemic, the government handout is needed more than ever. It should provide some timely relief to individuals and the economy as a whole.
Unlike previous cash handouts which may have been put in the bank by recipients, the e-vouchers to be made available in phases are guaranteed to boost retail, dining and other industries.
Those using e-wallets can get money in two instalments. Stored-value Octopus cards may stretch the money over longer months in three instalments.




The first batch is payable as early as August. Overseas online shopping platforms as well as payments to the government and fees such as tuition and school expenses are excluded.
The HK$36 billion (US$4.64 billion) subsidy scheme creates more than just a feel-good sentiment. The money can have an enormous impact on the local economy.
The option of two or three instalments, depending on the payment methods, also caters for different shopping preferences and spreads out the benefits.
Flexibility and access are the key to maximising the impact. It is good that the competing payment platforms have offered promotions and perks to attract more traders and consumers.
For instance, Octopus, currently used by up to 98 per cent the city’s 7.5 million population and some 62,000 retail outlets and eateries, has budgeted HK$1 million to help some 100 small businesses with digital marketing.
Hong Kong’s first HK$5,000 vouchers to be delivered from August 1, with residents given at least five months to spend them
Alipay, operated by Alibaba which also owns the Post, is offering a HK$30 coupon to new users before June 30.
The battered economy obviously needs more than just a temporary dose of relief to recover. As Financial Secretary Paul Chan Mo-po said, even though a stabilising of the pandemic has raised the momentum for economic recovery, the unemployment rate is still far from pre-Covid levels.
He stopped short of quantifying the stimulus effects of the voucher scheme, which were earlier put at 0.7 per cent of gross domestic product, saying the actual impact depends on the pandemic situation and consumer sentiment.
It is to be hoped that the initiative will benefit as many businesses and people as possible.


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Coronavirus pandemic

Hong Kong voucher scheme to provide timely relief during coronavirus pandemic

Paul Chan, financial secretary, holds a press conference to announce details of the Consumption Voucher Scheme in the  Central Government Offices, Tamar, on Friday. Photo: Felix Wong

Hong Kong’s first HK$5,000 vouchers to be delivered from August 1, with residents given at least five months to spend them

Hong Kong financial secretary Paul Chan (centre) and government colleagues unveil details of the city’s cash voucher scheme on Friday. Photo: Felix Wong

The Hong Kong government is looking to boost retail in the city with its distribution of digital vouchers. Photo: Nora Tam

Hong Kong’s voucher scheme will allow residents to have funds placed in e-wallets or on the city’s ubiquitous Octopus cards. Photo: Felix Wong

Financial secretary Paul Chan unveiled the voucher scheme in his February budget address. Photo: Sam Tsang

Hong Kong’s HK$5,000 voucher scheme set to open for registration next month, says finance chief Paul Chan

Hong Kong’s adult population will each be entitled to HK$5,000 in digital vouchers for spending locally. Photo: Sam Tsang

Assorted mobile payment platforms such as Octopus and Alipay are seen available to customers at a shop in Mong Kok. 11APR21 SCMP / Nora Tam

Financial Secretary Paul Chan Mo-po delivers the 2021-22 budget, Legislative Council Complex, Tamar. 24FEB21 SCMP / Sam Tsang

Opinion

Comment


Unlike previous cash handouts which may have been put in the bank by recipients, the e-vouchers are guaranteed to boost retail, dining and other industries and will arrive after 17 months of economic hardship fuelled by the pandemic



Unlike previous cash handouts which may have been put in the bank by recipients, the e-vouchers are guaranteed to boost retail, dining and other industries and will arrive after 17 months of economic hardship fuelled by the pandemic.


Coronavirus pandemic: All stories

Coronavirus Hong Kong

Consumers

Hong Kong

Hong Kong budget 2021-2022

Hong Kong economy

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Expresses the views, ideas and conclusions of the author. (Eg. Enough of Crazy Rich Asians, think of crazy poor Hongkongers.)


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Editorial

Editorial | Hong Kong voucher scheme to provide timely relief during coronavirus pandemic

Unlike previous cash handouts which may have been put in the bank by recipients, the e-vouchers are guaranteed to boost retail, dining and other industries and will arrive after 17 months of economic hardship fuelled by the pandemic